Microfinance organizations return to the credit card project. Credit cards issued by MFOs had to appear on the market in December 2013, however, a part of the organizations postponed the project until 2014, while some changed their  mind.

Today, Chairman of the Board of the Association of Microfinance Organizations (AMFO) states  "Commersant" that some of them have already started the implementation of the project. According to  “Crystal” MFO CEO, they planned to issue the card by the end of last year, however, the market research showed that other products would be in greater demand. Nevertheless, Malkhaz Dzadzua notes that  today the credit card is valid and this product is expected to be offered to  the customers in the fall. “Crystal” plans to link a credit card to other products in order the customer to have less expenses  in comparison with the same product offered by banks. Dzadzua adds that  the survey showed that the use of MFO credit card is 2 times more expensive than the bank so if it is linked to other products, the  rate will be competitive within 24-36%.

MFO “Georgian Credit” also plans to issue a credit card. The MFO Director-General explains to “Commersant” that they will offer  business loans and consumer loans will not be the main segment of the organization. However, despite that, Giorgi Naskidashvili does not preclude the credit card issuance. In his words, they will think about the launch of this project next year. 

Source:commersant.ge